Singapore Real Estate / Built Environment
Turf City’s first housing plots are being prepped for development
The first housing estate in Turf City is being readied for development, according to an update on the website of the Urban Redevelopment Authority (URA) on Friday (Oct 18).
https://www.businesstimes.com.sg/property/turf-citys-first-housing-plots-are-being-prepped-development
https://www.straitstimes.com/singapore/housing/first-two-housing-sites-in-bukit-timah-turf-city-can-have-up-to-700-flats-analysts
Government eyes new industrial estate at Jurong Bird Park site, with ‘work and play’ uses planned
A “vibrant future industrial estate” is being planned on the former Jurong Bird Park site, where JTC and the Urban Redevelopment Authority (URA) hope to integrate “work and play” elements and revitalise the Jurong Industrial Estate area.
https://www.businesstimes.com.sg/property/government-eyes-new-industrial-estate-jurong-bird-park-site-work-and-play-uses-planned
https://www.straitstimes.com/singapore/housing/new-competition-for-redesign-of-former-jurong-bird-park-site
Government offers Sentosa site on 50-year lease for wellness-themed hotel
Sentosa Development Corporation (SDC) has launched a tender for a new wellness-themed hotel near Sentosa Golf Club, offering the site on a 50-year lease.
https://www.businesstimes.com.sg/property/government-offers-sentosa-site-50-year-lease-wellness-themed-hotel
SLA puts Tanjong Katong Complex up for sale
The Singapore Land Authority (SLA) on Friday (Oct 18) launched the sale of Tanjong Katong Complex (TKC) for tender, as part of plans to rejuvenate the Geylang Serai area.
https://www.businesstimes.com.sg/property/sla-puts-tanjong-katong-complex-sale
https://www.straitstimes.com/singapore/sla-launches-tanjong-katong-complex-for-sale-on-30-year-lease
https://www.channelnewsasia.com/singapore/tanjong-katong-complex-put-up-sale-tenants-specialise-malay-trades-4687221
CDL’s Norwood Grand sells 84% of units at average of S$2,067 psf at launch
Woodlands residential project Norwood Grand sold 292 units, or 84 per cent of its 348 units, over its launch weekend, at an average selling price of S$2,067 per square foot (psf).
https://www.businesstimes.com.sg/property/cdls-norwood-grand-sells-84-units-average-s2067-psf-launch
https://www.straitstimes.com/business/property/cdl-s-norwood-grand-sells-84-of-units-at-2067-psf-at-launch
Tang family scion’s mansion price slashed again, by S$7 million to S$73 million
A koi pond, parking space for more than 10 cars, and a dining hall with a chandelier – large enough for 20 people – could not attract buyers in Singapore’s luxury property market.
https://www.businesstimes.com.sg/property/tang-family-scions-mansion-price-slashed-again-s7-million-s73-million
HDB, condo leasing volumes down in September amid softer rents
Rental volumes for condominiums and HDB flats fell for the second consecutive month in September. Condo leasing volumes fell 17.2 per cent on the month to 6,172 units rented, down from the 7,456 units leased in August, based on flash estimates from SRX and 99.co released on Friday (Oct 18).
https://www.businesstimes.com.sg/property/hdb-condo-leasing-volumes-down-september-amid-softer-rents-srx-99-co
https://www.straitstimes.com/singapore/housing/hdb-condo-leasing-volumes-down-in-september-amid-softer-rents-srx-99co
Business News
Cathay Cineplexes buys WE Cinemas in Clementi
Singapore – Singapore-listed mm2 Asia, which operates the Cathay Cineplexes business, announced on Oct 18 that it will acquire and take over operations of WE Cinemas at 321 Clementi mall on Nov 1.
https://www.straitstimes.com/business/companies-markets/cathay-cineplexes-buys-we-cinemas-in-clementi
https://www.channelnewsasia.com/singapore/cathay-cineplexes-acquires-we-cinemas-321-clementi-outlet-4687581
Frasers Centrepoint Trust rides on resilience of prime suburban malls in Singapore
Richard Ng, the chief executive officer of the manager of Frasers Centrepoint Trust (FCT) has seen a proliferation of malls in Singapore, including those that are part of integrated developments, over the past two decades.
https://www.businesstimes.com.sg/companies-markets/frasers-centrepoint-trust-rides-resilience-prime-suburban-malls-singapore
Sabana Reit overall portfolio occupancy up 78.8% in Q3
Sabana Real Estate Investment Trust (Reit) on Friday (Oct 18) reported an increase in overall portfolio occupancy to 84.9 per cent for the third quarter ended Sep 30, 2024, up from 78.8 per cent in the previous quarter.
https://www.businesstimes.com.sg/companies-markets/sabana-reit-overall-portfolio-occupancy-78-8-q3
Temasek, Saudi Arabia’s PIF rated highest for credit metrics and liquidity by Moody’s
Singapore’s Temasek Holdings and Saudi Arabia’s Public Investment Fund (PIF) have the strongest intrinsic credit quality, among the 11 government-owned investment holding companies (IHCs) it rated, said Moody’s Ratings in an Oct 17 report.
https://www.businesstimes.com.sg/companies-markets/temasek-saudi-arabias-pif-rated-highest-credit-metrics-and-liquidity-moodys
https://www.straitstimes.com/business/temasek-saudi-arabia-s-pif-rated-highest-for-credit-metrics-and-liquidity-by-moody-s
Wee Hur says A$1.6 billion student accommodation sale not a done deal yet
Wee Hur Holdings has refuted a news report that said property investment firm Greystar is acquiring its purpose-built student accommodation (PBSA) business in Australia.
https://www.businesstimes.com.sg/companies-markets/wee-hur-says-1-6-billion-student-accommodation-sale-not-done-deal-yet
Global Economy & Real Estate
World economy fault lines shift from prices to politics and debt
https://www.businesstimes.com.sg/international/global/world-economy-fault-lines-shift-prices-politics-and-debt
US budget deficit tops US$1.8 trillion in fiscal 2024, third-largest on record
https://www.businesstimes.com.sg/international/us-budget-deficit-tops-us1-8-trillion-fiscal-2024-third-largest-record
US single-family housing starts surge in September
https://www.businesstimes.com.sg/property/us-single-family-housing-starts-surge-september
Australian landlord Hotel Property valued at US$507 million in raised investor group bid
https://www.businesstimes.com.sg/property/australian-landlord-hotel-property-valued-us507-million-raised-investor-group-bid
China’s Q3 GDP hits weakest pace since early 2023; markets call for more support
https://www.businesstimes.com.sg/international/global/chinas-q3-gdp-hits-weakest-pace-early-2023-markets-call-more-support
China central bank chief flags more interest rate cuts
https://www.channelnewsasia.com/business/china-central-bank-chief-flags-more-interest-rate-cuts-4686896
China is trying to revive its economy. Is it too little, too late?
https://www.channelnewsasia.com/business/china-economy-data-stimulus-measures-growth-property-consumer-demand-4687666
China can cut taxes to spur spending on the road to economic recovery, ex-central bank official says
https://www.scmp.com/economy/china-economy/article/3283112/china-can-cut-taxes-spur-spending-road-economic-recovery-ex-central-bank-official-says
China’s new home prices fall at fastest pace since 2015
https://www.businesstimes.com.sg/property/chinas-new-home-prices-fall-fastest-pace-2015
https://www.straitstimes.com/business/property/chinas-new-home-prices-fall-at-the-fastest-pace-since-2015-in-september
China posts slowest growth in over a year as property woes drag
https://www.channelnewsasia.com/east-asia/china-economy-gdp-46-slowest-growth-more-year-property-woes-drag-4686861
Hong Kong’s July-September unemployment rate holds steady at 3%
https://www.businesstimes.com.sg/international/hong-kongs-july-september-unemployment-rate-holds-steady-3
https://www.channelnewsasia.com/business/hong-kongs-july-september-unemployment-rate-holds-steady-3-4687436
Hong Kong to seek HK$30 billion to start building San Tin Technopole amid judicial challenge
https://www.scmp.com/news/hong-kong/society/article/3283068/hong-kong-seek-hk30-billion-san-tin-technopoles-first-stage-development
Hong Kong’s Sun Hung Kai sells all Kai Tak units for third week
https://www.businesstimes.com.sg/property/hong-kongs-sun-hung-kai-sells-all-kai-tak-units-third-week
https://www.scmp.com/business/china-business/article/3283051/homebuyers-swarm-hong-kongs-biggest-sales-launch-6-months-after-relaxed-lending-rules
Hong Kong can dig deeper into policy toolbox to revive property market: analysts
https://www.scmp.com/business/article/3283111/hong-kong-can-dig-deeper-policy-toolbox-revive-property-market-analysts
Indonesia’s 2024 GDP growth seen at 5.1%, finance minister says
https://www.businesstimes.com.sg/international/indonesias-2024-gdp-growth-seen-5-1-finance-minister-says
Fitch revises Italy’s outlook to ‘positive’ on stronger fiscal performance
https://www.businesstimes.com.sg/international/fitch-revises-italys-outlook-positive-stronger-fiscal-performance
Luxury Japan hot springs brand to open first US location in New York
https://www.businesstimes.com.sg/property/luxury-japan-hot-springs-brand-open-first-us-location-new-york
Japan’s biggest union group targets 5% wage hikes next year
https://www.businesstimes.com.sg/international/japans-biggest-union-group-targets-5-wage-hikes-next-year
Malaysia’s record budget aims to expand tax base, reduce subsidies
https://www.businesstimes.com.sg/international/asean/malaysias-record-budget-aims-expand-tax-base-reduce-subsidies
Can a US$350m plan transform Manhattan’s Fifth Avenue into a grand boulevard?
https://www.businesstimes.com.sg/property/can-us350m-plan-transform-manhattans-fifth-avenue-grand-boulevard
Thailand sees more than 3% growth in 2025, plans more stimulus
https://www.businesstimes.com.sg/international/asean/thailand-sees-more-3-growth-2025-plans-more-stimulus
https://www.channelnewsasia.com/business/thailand-sees-more-3-growth-2025-plans-more-stimulus-4687196
UK retail sales unexpectedly rose by 0.3% in September
https://www.businesstimes.com.sg/international/uk-retail-sales-unexpectedly-rose-0-3-september
Budget nerves mute UK’s usual autumn rise in home asking prices
https://www.businesstimes.com.sg/property/budget-nerves-mute-uks-usual-autumn-rise-home-asking-prices
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